Dubai Parks and Resorts on track for October 2016 launch
Dubai Parks and Resorts, a unit of Meraas Holdings, is on track for October 2016 launch. During the first quarter of 2015 it has signed some major deals including world’s first-ever Hunger Games themed attraction and unveiling of the Legoland Water Park.
“It is clear there is an untapped market with no existing multi-themed park destination on offer in the Middle East. Dubai is not only attracting a growing population but is expected to attract 20 million visitors per year by 2020. We are pleased with the progress since we unveiled the blueprint of the project and have an equally busy year ahead as we come closer to the realisation of our vision,” shares Raed Al Nuami, CEO, Dubai Parks and Resorts.
“We have made considerable progress in the first three months of the year as we build the Middle East’s first premier year-round leisure and entertainment destination. Our cumulative project expenditure was AED 3 billion as at the end of first quarter.”
“We are tracking well against our plans and the high level of activity is testament to the dedication to deliver a world-class multi-themed leisure and entertainment destination to support Dubai’s continued growth as a global tourist destination. Our project infrastructure is 42% complete as at the end of first quarter, ride engineering and manufacturing is progressing as planned with 40% completed and our procurement is 67% completed,” he reveals.
Al Nuami continues, “Our partnership with Lionsgate will bring the world’s first-ever Hunger Games theme park attraction as well as a Step Up inspired live stage show to motiongate™ Dubai. This is important as it attracts a teen/youth demographic in addition to the younger demographic targeted by our Legoland Dubai theme park and the holistic family offerings at Bollywood Parks Dubai and other zones of motiongate™ Dubai.” “Our partnership with Wizcraft International will bring world-class Bollywood entertainment to the first Broadway-style theatre of its kind in the region at the Rajmahal Theatre in Bollywood Parks Dubai.”
“Post Q1 2015, we announced an exclusive deal with Picsolve International to create one of the world’s largest photography integrations and allow guests to enjoy a seamless photo record of their visit. This is our first revenue-producing agreement and is expected to generate over AED 20 million annually over a five year period,” he elaborates. “In addition, we recently announced the Legoland Water Park, bringing the number of components of Dubai Parks and Resorts to six with over 100 rides and attractions in total.”
“Our projected revenue in the first full year of operation is estimated at AED 2.4 billion with over 5,000 jobs generated across the sector. Our first quarter 2015 financial results are in line with our plans. Our total assets stood at AED 6.9 billion as at the end of first quarter. The cumulative project expenditure including land acquired amounted to AED 3 billion, an increase from AED 2.6 billion. There were no operating revenues and the loss was AED 13 million during the first quarter 2015. The first revenues are expected towards the end of 2016 following the opening of the parks to the public,” Al Nuami concludes.
